Shared micromobility start-up Voi is on the hunt for acquisitions.
And on CEO Fredrik Hjelms wishlist is Bolt, the European movement super-app best known for ride-hailing.
Not that Bolts micromobility service is always for sale regardless of talk of Voi buying the business scooter and bike arm.
Bolt declined to comment when A Technology NewsRoom reached out.Bolt is a fantastic company, but they are primarily a ride-hailing company, Hjelm told A Technology NewsRoom onstage at the Micromobility Industries roundtable in Brussels, where he was joined by Bird co-CEO Michael Washinushi and Dott/Tier CEO Henri Moissinac.Hjelm stated Bolts challenge is that it needs to be very excellent in several verticals.
Aside from ride-hailing, Bolt uses grocery and food delivery, in addition to cars and truck rentals.Micromobility is very challenging, and it has the hardware aspect, but no network effect like how food delivery and ride-hailing [can cause] grocery delivery, also, Hjelm said.He noted the majority of people who pick up a dockless e-scooter or e-bike are residents who prioritize experience and cost instead of the capability to utilize a super app like Bolt.When offered an example of riders who utilize micromobility services due to the fact that they recognize the brand name and might not want to download another app he adhered to this thesis.
Hjelm said he does not believe brand name recognition suffices to make up for a worse user experience.Of course, theres no data showing that Voi offers a better user experience than Bolt.
That didnt stop others on the panel from joining the Bolt pile-on.
Bolt uses rate as a loss leader, stated Birds Washinushi, describing Bolts capability to depend on profits from its other operations to grow its micromobility organization at a loss.
They mark down the cost, and thats how they get installs.
My sense is they dont make a substantial investment inreally great operations in micromobility.Washinushi noted that Bird, along with Dott and Voi, utilize a lot of information to rebalance vehicles.You can dispose thousands of automobiles and hope individuals get rides, or you can position half those cars at the best location and right time to enhance the rides and enhance the price, he stated.
Which [how] the business has actually developed in the previous 2 or three years that, for us, makes it a very self-reliant business.In 2024, Bird stated it attained $19 million changed EBITDA success rather the task for a business that had actually delisted from the stock exchange and declared personal bankruptcy 2 years back.
Voi also attained its very first profitable year in 2015 with adjusted EBITDA of $17.9 million.Bolt hasnt shared financial numbers for its micromobility organization.
In November 2024, the business said it had hit $2.11 billion in yearly revenue throughout its service systems, however didnt share just how much it lost.
According to local reports, Bolt recorded profits of around $2 billion in 2023 on an operating loss of $108 million.A Technology NewsRoom tried to follow up Wednesday with Hjelm about why hed wish to get Bolt and whether he has been in talks with the business.
Im at the Swedish House Mafia reunion and will consider Bolt tomorrow, he reacted.
A Technology NewsRoom will update this story if Hjelm has more to say on the matter.